Whisk 2 tablespoons honey, sriracha, garlic, salt, and water together in a large bowl. Add carrots and stir to combine.

Transfer coated carrots to a multi-functional pressure cooker (such as Instant Pot®). Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 1 minute. Allow 10 minutes for pressure to build.

Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Using a slotted spoon, transfer carrots to a serving dish.

Turn on Instant Pot® again and select Saute function. Add remaining 2 tablespoons honey to the pot. Cook and whisk until slightly thickened, about 5 minutes. Pour glaze over carrots and serve immediately.